Preheat your oven to 350°F (175°C). Grease your 13x9-inch baking pan.

In a mixing bowl, combine the yellow cake mix with cold milk and mix on medium speed for 2 minutes. Pour the batter into the prepared pan.

Bake for 15-20 minutes and perform a toothpick test. Let the cake cool completely on a wire rack.

In a medium bowl, whisk cold milk and instant vanilla pudding mix for 2 minutes until thickened. Let sit for 2 minutes.

Beat cream cheese until smooth, then blend in the pudding mixture until well incorporated.

Once the cake is cooled, spread the cream cheese and pudding mixture evenly over the cake.

Spread the crushed pineapple evenly over the pudding layer.

Spread the frozen whipped topping over the pineapple layer, sprinkle with toasted walnuts if desired.

Refrigerate for at least 30 minutes before serving. Top with maraschino cherries before serving.